Orcus Resources Ltd. and Western Metallica Corp. Announce Extension of Escrow Release Deadline for Subscription Receipts

Vancouver, British Columbia, February 22, 2022 – Orcus Resources Ltd. (“Orcus”) (TSXV: ORCS.P) and Western Metallica Corp. (“Western Metallica”) are pleased to announce that, in accordance with the terms of the Subscription Receipt Agreement (as defined below), the deadline (the “Release Deadline”) for satisfaction of all escrow release conditions set out in the Subscription Receipt Agreement has been extended to 5:00 p.m. (Toronto time) on March 23, 2022. On November 23, 2021, Western Metallica completed an offering of subscription receipts (the “Subscription Receipts”) and, in connection therewith, entered into a subscription receipt agreement (the “Subscription Receipt Agreement”) with Endeavor Trust Corporation and Clarus Securities Inc. (“Clarus”) governing the Subscription Receipts. For further details in respect of the Subscription Receipts and the Subscription Receipt Agreement, please refer to Orcus and Western Metallica’s joint press release dated November 23, 2021.

For further information:

Deepak Varshney Chief Executive Officer, Corporate Secretary and Director of Orcus 778-899-1780

Greg Duras Chief Financial Officer and Director of Western Metallica 416-576-3136

Cautionary Note Regarding Forward-Looking Information

Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Often, but not always, forward-looking statements or information can be identified by the use of words such as “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Actual results might differ materially from results suggested in any forward-looking statements.  Additional information identifying risks and uncertainties is contained in filings by Orcus with the Canadian securities regulators, which filings are available at www.sedar.com.

Although management of Western Metallica and Orcus believe that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that forward-looking statements or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Orcus and Western Metallica do not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.

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